Inventi Rapid: Emerging Economies

Inventi:mree/29434/21

Digital Economy

Advancement in the field of technology and knowledge has led to the rapid growth of innovation, internet and digitalization. Digitalization is the new buzz word in this globalized era, where there is specification, standardization and introduction of new products. Digitalization has led to the emergence of new economy which is called as internet economy. The term digital economy was first coined by Don Tapscott in his book ‘Digital Economy: Promise and Peril in the Age of Networked Intelligence’ published in 1995. Digital economy or internet economy means economic value derived from the internet, in other words, moving to a cashless economy. In this context, the present study is to understand the benefits and components of digital economy, how the process of digitalization helps various business organizations in using digital technologies as a competitive advantage in its internal and external operations. Digital technology refers to the use of electronic transmission or technology that generates, stores and processes data. It relates to introducing new business models such as the digital pyramid with its structured layers that includes execution, go to market approach, product and customer....